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Keystone net income slides despite increase in shipments

Keywords: Tags  Keystone Consolidated Industries, Keystone Steel & Wire, wire rod, wire products

NEW YORK — Keystone Consolidated Industries Inc. reported a modest pullback in net income in the first quarter due to a $2.9-million lower defined benefit pension credit.

The Dallas-based parent of Peoria, Ill., wire rod and fabricated wire products manufacturer Keystone Steel & Wire Co. posted net income of $7.27 million, down 8.8 percent from $7.96 million in the same period last year despite a 14.3-percent increase in sales to $153.29 million.

But operating earnings (before pension and other post-retirement benefit credits) improved 8.6 percent to $8.85 million from $8.15 million due to an increase in shipping volumes, a higher margin between selling prices and raw materials costs, increased productivity and lower utility prices, the company said Tuesday, although it did not provide detailed shipping volumes.

Keystone’s products are tied primarily to the agricultural, industrial, cold-drawn, construction, transportation, original equipment manufacturer (OEM) and retail consumer markets.

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